TD Securities Reaffirms Buy Rating for TransCanada Corp. (TRP)

TD Securities reiterated their buy rating on shares of TransCanada Corp. (NYSE:TRP) (TSE:TRP) in a report issued on Sunday morning. The brokerage currently has a $74.00 price objective on the stock, up from their previous price objective of $67.00.

Several other analysts have also recently commented on TRP. Credit Suisse Group AG reissued a buy rating and issued a $70.00 price target on shares of TransCanada Corp. in a report on Friday, July 29th. BMO Capital Markets reaffirmed a buy rating and issued a $65.00 price objective on shares of TransCanada Corp. in a research note on Friday, July 29th. Scotiabank reaffirmed an outperform rating and issued a $68.00 price objective (up from $66.00) on shares of TransCanada Corp. in a research note on Sunday, July 31st. Bank of America Corp. began coverage on TransCanada Corp. in a research note on Thursday, September 1st. They issued a buy rating and a $45.45 price objective for the company. Finally, Zacks Investment Research downgraded TransCanada Corp. from a hold rating to a sell rating in a research note on Wednesday, November 2nd. Three research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of Buy and a consensus price target of $60.96.

TransCanada Corp. (NYSE:TRP) opened at 44.67 on Friday. The firm’s market cap is $35.74 billion. TransCanada Corp. has a 52 week low of $28.40 and a 52 week high of $48.52. The stock has a 50 day moving average price of $45.99 and a 200 day moving average price of $44.94.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 31st. Stockholders of record on Friday, December 30th will be issued a dividend of $0.4221 per share. This represents a $1.69 annualized dividend and a dividend yield of 3.78%. The ex-dividend date of this dividend is Wednesday, December 28th. TransCanada Corp.’s dividend payout ratio (DPR) is -83.09%.

Large investors have recently bought and sold shares of the company. D.A. Davidson & CO. boosted its stake in TransCanada Corp. by 121.8% in the third quarter. D.A. Davidson & CO. now owns 7,055 shares of the company’s stock valued at $335,000 after buying an additional 3,874 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in TransCanada Corp. by 72.4% in the third quarter. Price T Rowe Associates Inc. MD now owns 9,955,287 shares of the company’s stock valued at $473,470,000 after buying an additional 4,180,307 shares during the period. LPL Financial LLC boosted its stake in TransCanada Corp. by 3.9% in the third quarter. LPL Financial LLC now owns 10,017 shares of the company’s stock valued at $470,000 after buying an additional 378 shares during the period. Peloton Wealth Strategists acquired a new stake in TransCanada Corp. during the third quarter valued at about $1,146,000. Finally, Scheer Rowlett & Associates Investment Management Ltd. boosted its stake in TransCanada Corp. by 9.6% in the third quarter. Scheer Rowlett & Associates Investment Management Ltd. now owns 1,234,337 shares of the company’s stock valued at $58,521,000 after buying an additional 107,937 shares during the period. Institutional investors and hedge funds own 51.42% of the company’s stock.